Tom Lee Predicts Ethereum Will Reverse Losses Against Bitcoin, but Ratio Keeps Falling
Tom Lee, chairman of BitMine Immersion Technologies, said tokenization and AI agents will end Ethereum's long slide against Bitcoin and could drive a historic crypto bull market. In the week after his October 12 call, the ETH/BTC ratio fell 4.7%, with Ethereum down 8% and Bitcoin down 3.5%. Spot Ethereum ETFs recorded nine consecutive days of outflows, and BitMine, the largest single Ethereum buyer, is approaching its self-imposed 5% supply cap.
Lee, who chairs BitMine Immersion Technologies, made his Oct. 12, 2026, forecast while his firm remains Ethereum’s biggest individual purchaser. He argued that tokenized equities and autonomous AI software need blockchain infrastructure, and that Ethereum’s developer base and applications give it an advantage. He also described a possible $2 trillion wealth shift and a record crypto bull run.
In the following week, the ETH/BTC ratio slipped to 0.0300, with Ether near $2,498 and Bitcoin near $83,280. Spot Ether ETFs saw nine straight outflow days. BitMine has 77,442 ETH left before reaching its own 5% supply limit. Tokenized stocks were valued around $3.9 billion, versus Ethereum’s roughly $305 billion market value.
Lee’s call could shape sentiment among Ethereum holders, ETF investors, and firms with crypto treasuries, especially as outflows and BitMine’s supply cap draw scrutiny. If tokenization and AI agents expand, they may change how assets are issued and traded, potentially widening access while also increasing exposure to volatile markets. For now, the falling ETH/BTC ratio may reinforce caution among those comparing Ethereum with Bitcoin, and could influence how retail and institutional investors allocate risk.